Tsakos Energy Navigation Ltd · NYSE:TEN
Tsakos Energy Navigation — Q3 2018 Earnings Presentation
10 slides from Tsakos Energy Navigation's earnings presentation, Nov 30, 2018
Slide 1: Q3 & 9mo 2018 Earnings Conference Call Presentation
Q3 & 9mo 2018 Earnings Conference Call Presentation November 30, 2018
Slide 2: Forward-Looking Statements
This presentation may contain forward-looking statements that are not based on historical fact, including without limitation, statements containing the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions. Because these forward-looking statemen
Slide 3: Market Firming – Spot Rates on the Rise
Market Firming – Spot Rates on the Rise 9mo 2018 Current Q4 2018 CRUDE TANKERS VLCC $12,612 $56,836 +350% Suezmax $8,079 $44,011 +445% Aframax $9,073 $28,296 +212% PRODUCT TANKERS Panamax $7,418 $15,192 +105% MR/Handy $10,012 $15,953 +59% 3 Source: Howe Robinson Partners – Daily Tanker Report, Nov.
Slide 4: Timely Acquisitions => Low 9mo 2018 Breakeven Rates
Timely Acquisitions => Low 9mo 2018 B/E Rates* *Breakeven rates after Operating Expenses, G&A, Interest and Depreciation 2 VLCC $350,000,000 $26,536 13(1) SUEZMAX $19,072 $300,000,000 Spot 17(2) AFRAMAX $18,579 $250,000,000 AFRAMAX 3 LR2 $20,077 $200,000,000 11 PANAMAX LR1 $16,605 Time Charter HANDY
Slide 5: 68% of Fleet with Upside Potential
68% of Fleet with Upside Potential (including 2019 re-charter vessels) Spot Influenced – Upside Potential N N B B N N B B N N B B N N B B N N B B N B N B N N B B N B N B N B 49 vessels out of 66 (74%) in secured revenue contracts (TC, TCPS, COA) 55% of fleet (36 vessels on TCPS, COA and Spot) with a
Slide 6: Demand Strong – Positive LT Outlook
Demand Strong – Positive LT Outlook BARRELS OF OIL PER CAPITA PER ANNUM ❑ Strong potential of China and India with a combined population (Source: BP Statistical Review of World Energy June 2018) of 2.5 billion in a world of 7.0 billion. Their per capita oil consumption is at extremely low levels and
Slide 7: Vessel Scrapping on the Increase
Vessel Scrapping on the Increase ❑ Scrapping levels, in terms of dwt, at 10yr highs ❑ 155 vessels (>10,000dwt) of 20.0 million total dwt scrapped until October 2018 compared to 102 vessels and 40 vessels of 9.4 and 2.5 million dwt for 2017 and 2016 respectively # of Ships Mill. Dwt 35 4.50 4.00 30 3
Slide 8: Low Orderbook/Delivery Schedule vs. Fleet >15 years
Low Orderbook/Delivery Schedule vs. Fleet >15 years ❑ Total Orderbook of 457 tankers to join the fleet over the next three years vs. 918 vessels in fleet over 15 years of age that are expected to depart the competitive fleet in the same timeframe (This does NOT include 1,360 vessels in the 10-14 yea
Slide 9: Market Firming – Fleet Upside Potential 2018-19
Market Firming – Spot Rates on the Rise – Fleet Upside Potential 2018-19 9mo 2018 Current TEN Spot & P/S* Q4 2018 Vessels (including 2019 re-charter) CRUDE TANKERS VLCC $12,612 $56,836 +350% 1 Suezmax $8,079 $44,011 +445% 13 Aframax $9,073 $28,296 +212% 9 PRODUCT TANKERS Panamax $7,418 $15,192 +105%
Slide 10: Tsakos Energy Navigation, Ltd
TSAKOS ENERGY NAVIGATION, LTD For more information please contact: Paul Durham: Chief Financial Officer [email protected] George Saroglou: Chief Operating Officer [email protected] Harrys Kosmatos: Corporate Development Officer [email protected] Tsakos Energy Navigation, Ltd 367 Syngrou Avenue Athens
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